RESTAURANT STRATEGY 8 Ways to Maximize Revenue on Valentine's Day
Jan 20, 2020
29:02
#45 - 8 Ways to Maximize Revenue on Valentine's Day
Valentine's Day is the first big holiday of 2020 and offers a great opportunity to #1 boost Q1 sales figures, and #2 to make an impression on a bunch of first time diners. In this week's episode I'm walking you through eight different ways to help maximize profits on this, the most romantic day of the year
- OFFER A PRIX FIXE - The limited menu will not only help the kitchen keep up with the additional covers, but it’ll also ensure swift turn times throughout the night. Up the price point to maximize profitability, and consider selling a “premium” menu alongside the regular one.
- ADJUST THE FLOORPLAN - Get rid of all your 4-tops and large party tables; replace them with rented deuces. If you have a PDR, see if you can convert the space to accommodate additional covers. Maximize every inch of real estate for a more profitable night.
- OFFER ADD-ONS DURING THE BOOKING PROCESS - Consider using a service like Tock so you can sell signed cookbooks or chocolates during the checkout process. At the very least make sure your reservationists are offering some add-on when they call to confirm reservations. A $30 box of chocolate might not sound like much, but when you sell 50 of them it turns into a significant number.
- ADJUST YOUR HOURS - Consider opening 30 minutes earlier to accommodate additional tables, or extend the book an hour later than normal. The extra time will ensure you get that crucial third turn!
- ALL WEEKEND LONG - Valentine’s Day falls on a Friday this year, which means people will be celebrating all weekend long. Consider offering your menu and promotions on Saturday and Sunday as well. You may even want to adjust your hours on those nights as well.
- PACKAGES - Work with partners in town to offer a Getaway Package: 2 nights at a nearby hotel, 2 tickets to a museum, breakfast each morning at the cafe around the corner, and Valentine’s dinner at your restaurant. It takes a great deal of planning, but will be well worth the effort.
- GO AGAINST THE GRAIN - Perhaps your restaurant doesn’t scream romance. Great! Remember that there are just as many people who don’t celebrate the day. So put together a promotion for them.
- PLAY THE LONG GAME - Come February 14th your restaurant will be filled with first time diners. Use it as an opportunity to build repeat business. Perhaps that means a bounce-back promotion, or something more subtle. Whatever it is, don’t miss your chance to turn a great first impression into a successful long term relationship.
And as promised, there's also a freebie that goes along with this episode... a checklist that highlights all 8 of these along with 3 additional ideas. Follow the link below to get the download:
*** CLICK HERE to get the Valentine's Day Checklist ***
LINKS FROM THE SHOW:
- Tim Ferriss interviews Nick Kokonas - LISTEN HERE
GET IN TOUCH:
As always, if you have questions or ideas about future episodes, please reach out... chip@chipklose.com